Inox Green Energy plans to launch IPO worth Rs 740 cr in next 30-45 days: CEO Kailash Tarachandani

Inox Green Energy Services, a subsidiary of Inox Wind, is planning its initial public offering (IPO) by October this year to raise Rs 740 crore to fund its expansion plans.

The company will initially focus on the Indian market and plans to enter the overseas market after establishing itself in that country, Kailash Lal Tarachandani, chief executive officer (CEO) of Inox Wind, told PTI.

Speaking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company is planning its IPO “in the next 30 to 45 days”.

This is Inox Green Energy Services’ second attempt to go public. In February, the company submitted the Draft Red Herring Prospectus (DRHP) for its planned IPO to market regulator Sebi.

However, the draft offer documents for the IPO were withdrawn at the end of April without giving reasons.

According to the latest DRHP filed on June 17, the Rs 740 crore IPO will involve the issuance of Rs 370 crore shares and an offer to sell shares totaling Rs 370 crore by the promoter Inox wind include.

Speaking about the company’s business plans, Tarachandani said, “There are enough opportunities already. India has been consistent in recent years and has a positive history of growth. From that perspective, we’ve been pretty busy. I see huge potential there itself.” When asked about the company’s expansion plans, Tarachandani said, “I’m not ruling out the overseas market. New markets are being developed, be it in Southeast Asia, partly in Gulf and African countries. I would say these are (are going to be focus areas) a few years down the road, after we’ve established ourselves in this country and reached a certain level.” Inox Green Energy Services is currently growing at 30 to 40 percent each year. “Today the volume for Inox Green Services is close to Rs. 160 crore and would reach Rs. 400-500 crore in the next 3-4 years,” said the CEO.

Inox Green Energy Services is in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, particularly for Wind Turbine Generators (WTGs) and the usual infrastructure facilities on the wind farm that support the evacuation of power from such WTs.

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